PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY ONLY FINANCIAL STATEMENTS

PARENT COMPANY ONLY FINANCIAL STATEMENTS

Condensed financial information for Penns Woods Bancorp, Inc. follows:

CONDENSED BALANCE SHEET, DECEMBER 31,

(In Thousands)	2014		2013
ASSETS:
Cash	$	1,299	$	1,686
Investment in subsidiaries:
Bank	125,524		117,556
Non-bank	8,900		8,380
Other assets	380		351
Total Assets	$	136,103	$	127,973
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Other liabilities	$	136	$	158
Shareholders’ equity	135,967		127,815
Total liability and shareholders’ equity	$	136,103	$	127,973

CONDENSED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)	2014			2013			2012
Operating income:
Dividends from subsidiaries	$	10,080		$	14,836		$	8,034
Security gains	3			—			4
Equity in undistributed earnings of subsidiaries	5,261			346			6,407
Operating expenses	(736		)	(1,098		)	(595		)
Net income	$	14,608		$	14,084		$	13,850
Comprehensive income	$	17,835		$	3,833		$	20,426

CONDENSED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)	2014			2013			2012
OPERATING ACTIVITIES:
Net income	$	14,608		$	14,084		$	13,850
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(5,261		)	(346		)	(6,407		)
Other, net	(50		)	97			(145		)
Net cash provided by operating activities	9,297			13,835			7,298
INVESTING ACTIVITIES:
Outlays for business acquisitions	—			(2,876		)	—
FINANCING ACTIVITIES:
Dividends paid	(9,055		)	(9,560		)	(7,214		)
Issuance of common stock	118			80			54
Purchase of treasury stock	(747		)	—			—
Net cash used for financing activities	(9,684		)	(9,480		)	(7,160		)
NET (DECREASE) INCREASE IN CASH	(387		)	1,479			138
CASH, BEGINNING OF YEAR	1,686			207			69
CASH, END OF YEAR	$	1,299		$	1,686		$	207